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Investor Presentaiton

CURRENT REGULATORY FRAMEWORK In-Built protections - No regulatory resets until 2015/2016. Regulated Asset Base (RAB) X Weighted Av. Cost of Capital (WACC)1 Well established, transparent regulatory process with resets every 5 years; CPI-X price formula Regulated Revenue (target) Depreciation² + Operating Expenditure Tax Regulated Tariff ☑ Forecast Volume Regulated Tariff 1. Based on 10 year Commonwealth Treasury Note. Includes both an equity premium and a debt premium (BBB+/Baa1) 2. Depreciation based on regulated economic life of assets Actual Volume Actual Revenue RAB AND REVENUES ARE ADJUSTED FOR INFLATION ANNUALLY (inflation protected) SPARK INFRASTRUCTURE - INVESTOR PRESENTATION - NOVEMBER 2013 8 sparkinfrastructure
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